Veterinary CRO And CDMO Market Size, 2023–2030; Industry Statistics & Growth Analysis
Veterinary CRO And CDMO Market size surpassed USD 5.51 Billion in 2022 and is poised to reach USD 12.56 Billion, growing at over 10.28% CAGR between 2023 and 2030.
Growth Drivers & Opportunities:
1. Emerging Veterinary Drug Development: The increasing demand for innovative and effective veterinary drugs has propelled the growth of the Veterinary CRO and CDMO market. As the number of diseases and conditions affecting animals continues to rise, there is a need for advanced research and development in this field.
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2. Outsourcing of Research Activities: Many pharmaceutical and biotechnology companies are turning to CRO and CDMO services to outsource various research activities. This trend has driven the growth of the market as outsourcing provides cost-effective solutions and specialized expertise required for veterinary drug development.
Segmentation Analysis:
Clinical Trials Segment:
Under the clinical trials segment, a significant sub-segment is the preclinical testing services. Preclinical testing plays a crucial role in evaluating the safety and efficacy of veterinary drugs and treatments before they can be approved for commercial production. This sub-segment involves conducting various tests, such as pharmacokinetic studies, toxicology testing, and bioanalysis services, among others. Preclinical testing services provide valuable data to support the development and regulatory approval of veterinary therapeutics.
Contract Manufacturing Segment:
Another important sub-segment in the contract manufacturing segment is drug formulation services. Drug formulation services involve the development and production of various dosage forms, including tablets, injectables, liquids, and powders, tailored to meet the specific needs of veterinary drugs. These services ensure the precise formulation and manufacturing of drugs, adhering to strict quality standards. Drug formulation services enable veterinary pharmaceutical companies to maintain consistent product quality and meet regulatory requirements.
Regional Forecast:
North America
The North American market for veterinary CRO and CDMO is expected to witness significant growth during the forecast period. Factors contributing to this growth include the rising pet ownership rates, increasing expenditure on pet healthcare, and the presence of well-established veterinary pharmaceutical companies. Additionally, technologically advanced veterinary healthcare infrastructure and the presence of key market players further propel the growth in this region.
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Asia Pacific
The Asia Pacific region is also poised to experience substantial growth in the veterinary CRO and CDMO market. The rising disposable income and changing lifestyle patterns have led to increased pet ownership and a greater focus on pet healthcare. Moreover, the growing awareness regarding animal welfare and the increasing demand for animal-derived products, such as meat and milk, drive the need for veterinary CRO and CDMO services in this region. Growing economies like India and China offer immense growth potential in the market.
Europe
Europe is another significant region in the veterinary CRO and CDMO market. The region witnesses high expenditure on animal healthcare and boasts a well-established veterinary healthcare infrastructure. Factors such as stringent regulatory frameworks, increasing pet adoption rates, and the rising prevalence of zoonotic diseases drive the demand for veterinary CRO and CDMO services in Europe. Additionally, the presence of key market players and continuous innovation in veterinary drugs and therapeutics further augment the market growth.
Table of Contents (TOC) of Report:
Chapter 1. Methodology
- Market Definition
- Study Assumptions
- Market Scope
- Segmentation
- Regions Covered
- Base Estimates
- Forecast Calculations
- Data Sources
- Primary
- Secondary
Chapter 2. Executive Summary
Chapter 3. Veterinary CRO And CDMO Market Insights
- Market Overview
- Market Drivers & Opportunity
- Market Restrains & Challenges
- Regulatory Landscape
- Ecosystem Analysis
- Technology & Innovation Outlook
- Key Industry Developments
- Partnership
- Merger/Acquisition
- Investment
- Product Launch
- Supply Chain Analysis
- Porter’s Five Forces Analysis
- Threat of New Entrants
- Threat of Substitutes
- Industry Rivalry
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- COVID-19 Impact
- PESTLE Analysis
- Political Landscape
- Economic Landscape
- Social Landscape
- Technology Landscape
- Legal Landscape
- Environmental Landscape
- Competitive Landscape
- Introduction
- Company Market Share
- Competitive Positioning Matrix
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